Cyril Amarchand Mangaldas Advised Power Finance Corporation In Financing Of Greenko AP01 Solar Power Project
In a significant development in the renewable energy sector, Cyril Amarchand Mangaldas, has advised Power Finance Corporation
Cyril Amarchand Mangaldas Advised Power Finance Corporation In Financing Of Greenko AP01 Solar Power Project
In a significant development in the renewable energy sector, Cyril Amarchand Mangaldas, has advised Power Finance Corporation Limited (PFC) on its financing of the Greenko AP01 Solar Power Project in Andhra Pradesh. The financing deal, amounting to INR 5,647 crore, marks a substantial investment in the state's renewable energy infrastructure.
The Greenko AP01 Solar Power Project, located in Pinnapuram, Kurnool District, is a massive 1500 MWAC (2100 MWDC) solar photovoltaic (PV) plant, integrated with central evacuation infrastructure. Notably, the project is part of the Pinnapuram Integrated Renewable Energy Project, envisioned as the world's first and largest gigawatt-scale integrated project with solar, wind, and pumped storage components. It aims to supply Schedulable Power on Demand (SPOD), providing dispatchable and schedulable renewable energy to consumers across India.
Cyril Amarchand Mangaldas played a crucial role in facilitating the financing deal, conducting due diligence, intricate structuring, and drafting. Significantly, they meticulously addressed the revenue sharing mechanism for PFC with existing lenders, particularly concerning the pump storage project of Greenko AP01. The transaction team, led by Partners Ajay Sawhney and Bhupendra Verma, received invaluable support from Senior Associates Aditya Prakash and Kanhai Srivastava, as well as Associates Ashish Jain and Nikhil Gupta, who provided invaluable assistance throughout the process.
The transaction, which was signed on 28th March 2024 and closed on 30th March 2024, demonstrates Cyril Amarchand Mangaldas's expertise in project finance and its commitment to facilitating investments in sustainable energy infrastructure. Other advisors involved in the transaction included IDBI Trusteeship Services Limited, which acted as security trustee.
The financing of the Greenko AP01 Solar Power Project underscores the growing momentum towards renewable energy adoption in India and reflects PFC's dedication to supporting such initiatives. With Cyril Amarchand Mangaldas's guidance, the project is poised to contribute significantly to India's renewable energy goals and reinforce its position as a global leader in clean energy transition.